Patni Computer Systems Inc, a wholly-owned subsidiary of Patni Computer Systems, on Monday announced the acquisition of Bridgewater, NJ-based Taratec Development Corp for an aggregate price of $27.2 million in cash.
Patni Computer Systems Ltd said on Friday its wholly owned subsidiary Patni Computer Systems Inc has signed a multi-service contract with US-based Disney Mobile.
IT services exporter Patni Computer Systems Ltd has appointed Massachusetts Institute of Technology professor and business strategist Michael A Cusumano as an independent director on its board.
Patni Computer Systems Ltd will set up a development centre in China, mainly to cater to the Japanese software market, a company executive said on Thursday.
Patni Computer Systems Ltd, which concluded its initial public offering earlier, will list its shares on the Bombay Stock Exchange on February 25, 2004.
This brand change is in line with the vision of 'one company'.
Indian IT companies have played a big role in making US companies more competitive and have created more jobs than taking them away.
It wants to increase its revenue to $3 billion by 2017 from $1 billion now.
In 2010, there will be a greater adoption of virtualization for desktops.
Shortly after the twin earthquake-tsunami that hit Japan, Indian IT firms had started calling back employees.
The Nasdaq-listed company has announced increasing Murthy's annual basic salary from the present $530,000 million to $1 million, which along with the annual performance-based bonus opportunity of $500,000 million makes the total annual package to $1.5 million (about Rs 7 crore).
US-based iGate on Monday said it has acquired nearly 63 per cent stake in country's sixth largest IT firm Patni Computer Systems for $1. 22 billion.
Japan's leading information technology services and solutions provider, NTT Data Corporation, has emerged as the most aggressive suitor for Indian software services firm Patni Computer Systems. NTT is in advanced talks with the promoters of Patni Computer to buy their combined 46.5 per cent stake, investment banking sources said.
NTT had earlier sought the combined 63 per cent stake of the promoters and private equity firm General Atlantic Partners, but their exclusive talks failed due to a valuation mismatch.
The establishment of the El Paso site follows Patni's recent move to open a nearshore center in Queretaro, Mexico.
It is a well-known fact that he was brought into Patni with an intention to bridge the revenue gap between the company and its peers as well as to try and extract a better valuation for the company for a possible sale.
Japanese information technology services firm NTT Data Corporation is still in talks to acquire stake in Patni Computer Systems, despite acquiring Intelligroup for $199 million (around Rs 895 crore), say sources in the investment banking industry.
For iGate CEO Phaneesh Murthy, slipping into Patni's shoes as promoter of the company that bears the latter's name could prove one of the biggest challenges of his career.
In a discussion with Business Standard, Murthy shares the roadmap ahead.
A stake sale deal between Patni Computer Systems and iGate is on course, but has been delayed due to procedural issues.Sources involved in the deal said they include tax-related developments and offshore transaction fees.
However, the Carlyle-Advent consortium could revise its bid upwards, said two independent sources tracking the deal.
Having spent the first 90 days meeting employees and key clients, Jeya Kumar, new CEO of Patni Computer Systems, is clearly in control. While he acknowledges concerns due to the current slowdown, he has started restructuring the company. He details the growth plans in a chat with Business Standard's Shivani Shinde.
iGate Patni is all set to compete with the likes of IBM, Accenture, Infosys and Congnizant.
Patni Computer Systems Ltd on Monday said it would raise up to $150 million additional capital by the issue of American Depository Receipts.
Under this programme, employees can work on innovative ideas, for which the firm will provide funding and help in setting up a team. The programme is part of the company's initiative to allocate 10 per cent of their cash reserve to initiatives that are technology-led.
US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.
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Patni Computer Systems said that the US-based IT firm iGate has made an open offer for the 20.6 per cent stake in the company, in accordance with the requirements of the market regulator Securities and Exchange Board of India (SEBI).
While iGate leaps into the $1-billion club, the combined entity will have a larger offering, better pricing power and scope to improve margins. Nasdaq-listed software firm iGate's acquisition of Patni Computer Systems was received positively by the market. On a day when the Sensex was down 2.4 per cent, the Patni scrip closed 0.8 per cent higher at Rs 463.85.
The current talks on stake sale by its promoters at India's seventh largest information technology services company, Patni Computer Systems, seem to be in the final stages. Whichever way the deal swings, analysts feel the company will lose some business.
The deal is multi-million pound multi-services telecom contract with The Carphone Warehouse, Britain's largest independent retailer of mobile communications. \n
Promoters Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3 per cent in India's sixth largest software exporter.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
The process has been set in motion with the Patni brothers - Ashok and Gajendra - deciding to take up non-executive positions. Gajendra and Ashok have ceased to be executive directors with effect from Tuesday after the Patni board designated them as founder-directors.
Patni Computer Systems Ltd said on Monday it has acquired ZAiQ Technologies, a small ASIC design company, in Woburn, Massachusetts, by an asset purchase transaction for $425,000.
With Narendra Patni refusing to give up management control, all talks over the proposed stake sale by the major stakeholders of Mumbai-based Patni Computer Systems have ended. This development leaves Narendra Patni firmly in the saddle - at least till December 2008, when his tenure expires - especially now that his brothers have given up executive control.
Mumbai-based Patni Computer System's stake sale has been stalled, perhaps indefinitely, according to sources close to the development.
Sources close to the development said the agreement between one of the private equity partners and the Patni brothers, who jointly hold 29 per cent stake, is expected to be signed next month.
"Japan currently accounts for 5 per cent of our revenues but we see this touching 9 per cent in the next three years. Business from Japan grew almost 35 per cent last year and we expect healthy growth from this region," said Deepak Khosla, senior vice-president and head, Asia-Pacific. Patni company has been in Japan for over 10 years but, in the past two years, the momentum of deals has increased considerably.
Patni Computer Systems has completed the acquisition of US-based Cymbal Corporation for $68 million, helping it enter the $60 billion telecommunication vertical for IT services.
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